Dynamic analysis of floating wind turbines often considers the hull as a rigid body. This paper explores the consequences of modeling the pontoons of a tension leg platform (TLP) wind turbine as flexible beams. The analysis is based on numerical simulations of free decays, structural response to wave excitation, and short-term fatigue damage accumulation at tower base and tendons. In addition, the importance of hydroelastic effects due to the pontoons’ vertical deformations is evaluated. Pontoon flexibility changed the platform natural periods and motion amplitude significantly, and the adoption of flexible pontoons reduced the predicted fatigue damage in the tower base and tendons. On the other hand, hydroelasticity had negligible consequences for motion and load responses considered here.